5 Key Factors That Are Driving IoT Adoption in Retail Industry

5 Key Factors That Are Driving IoT Adoption in Retail Industry

According to the survey done by Zebra – Almost 96% of retailers are aspiring to make the changes that are required to implement Internet of Things in their stores. And, almost 65% of respondents have gone for IoT adoption in Retail Industry and another 26% are already planning to deploy it in the coming 12 months. That’s why leading retailers are planning to invest big dollars and embrace the opportunities offered by IoT in their stores?

Let’s take a look on a few factors that are driving IoT adoption in retail:

Well-versed Customer: Today shoppers and users are more informed than ever. Now, they can easily access the product information, compare prices and look for ratings & reviews before making their buying decision. Conventional retail shops lacked the environment to get access to the real-time information, which IoT offers thus enabling physical retailing much closer to online retailing.

Omnipresence of Smartphones and Tablets: Due to explosion of mobile devices including smartphones and tablets, the opportunity for credit card readers,  sales enablement devices, mobile POS solutions and mobile apps has been increasing at a fast pace in retail industry. By leveraging IoT, more unified ecosystem is built, which can be easily controlled by smartphones & tablets, thus integrating various devices and mobile apps to emphasise the numerous possibilities.

Cloud & Big Data: Due to major advancements in key tech enablers to IoT like cloud computing, big data analytics and many others, retailers are enabled to store huge amount of data and share it across the system. Additionally, big
data empowers retailers to process data deriving from various channels, transforming it into useful insights and drive enhanced decision-making thus enabling better shopping experiences.

Drop in the cost of sensors and processors: According to Goldman Sachs report, in last years, the cost of sensors have shrunk from an average 60 cents from $1.30. In a similar way, bandwidth and processing costs have also
reduced in the range of 40X to 60X, thus making it more cost-effective for retailers.

Enables Retailers in Staying ahead of their competitors: Shoppers and retailers cherish the opportunities offered by IoT including instant comparison of products, buying a product and receiving delivery anytime and anywhere. Thus, IoT offers a bundle of opportunities to retailers and shoppers thus offering Omni-channel experience.

The above mentioned factors will help you understand how IoT Internet of things has revolutionized the retail space. And, offering tremendous opportunities to retailers and shoppers. But the wave raised by Internet of Things can be temporary, so retailers are required to keep up with the trends and consistently to find the new ways of making their business successful. This can be done by blending new technologies along-with the conventional shopping charm.